Peru’s Cocoa Exports Show Price-Driven Adjustment, Shipments in Jan-May
Commodities Network (Bogota)— Peru’s cocoa bean exports totaled 24,404 tonnes in January-May 2026, down 9.52% year on year when it had shipped 26,974 tonnes, according to the Peruvian Coffee and Cocoa Chamber, using figures from import-export data Veritrade.
Total exports were worth $100.80 million FOB, down sharply from $262.93 million in the same period last year.
From a historical perspective, the performance in 2026 shows a volume close to that recorded in 2025 (26,974.61 tons) and 2024 (27,182.99 tons), remaining within the highest levels of the entire analyzed series. Furthermore, it vastly exceeds the volumes observed between 2020 and 2023, when exports fluctuated between 12,113 and 22,048 tons for the same period. This performance confirms the consolidation of Peruvian cocoa in international markets and the sector's capacity to sustain a growing exportable supply in recent years, the chamber said.
The average price reached $4,130/t, reflecting solid commercial performance at the start of the year, with valuation levels above those observed between 2020 and 2023, but that is more than half the $9,747/t. reported in the same period a year earlier, the chamber noted.
Price trends weigh on export value
Price behavior shows even more clearly the changes experienced by the sector in recent years. Between 2020 (US$ 2,851.65/Ton), 2021 (US$ 2,729.85/Ton), 2022 (US$ 2,564.55/Ton), and 2023 (US$ 2,563.66/Ton), Peruvian cocoa was traded within relatively stable ranges that were significantly lower than those observed in more recent years.
Starting in 2024, the international market entered a period of sharp appreciation, driving the average price up to US$ 6,041.22 per ton, while in 2025 it reached an all-time high of US$ 9,747.19 per ton. This boosted the accumulated FOB value to US$ 262.93 million, despite recording a similar volume to that of 2024.
For 2026, the average price stood at US$ 4,130.47 per ton, showing a correction from the extraordinary levels observed in 2024 and, especially, 2025. However, it remains clearly above the values recorded between 2020 and 2023, confirming that the market maintains a structurally higher valuation than that observed before the recent bullish cycle.
Furthermore, recent market behavior shows a gradual normalization following the period of high volatility caused by global supply constraints seen in previous seasons. Despite this adjustment, prices continue to support value generation for Peruvian cocoa exports, allowing the sector to maintain revenues significantly higher than those recorded in the years prior to the international price spike.
Key export destinations
During the January–May 2026 period, Peruvian cocoa bean exports maintained a strong concentration in strategic markets, primarily in Europe, North America, and Asia. The main destination was the Netherlands, with 6,400 tons, equivalent to 26.22% of the total volume exported, generating an FOB value of USD 25.84 million and recording an average price of USD 4,037 per ton. In second place was the United States, with 5,042 tons (20.66%), reaching an FOB value of USD 21.04 million and an average price of USD 4,172 per ton.
The third market was Italy, with 3,280 tons (13.44%) and an FOB value of USD 14.03 million, recording an average price of USD 4,277 per ton. Meanwhile, Belgium positioned itself as the fourth most important destination, with 2,474 tons (10.14%) and an FOB value of USD 11.03 million, also achieving the highest level of valuation among the main markets, with an average price of USD 4,460 per ton. Finally, Malaysia occupied fifth place with 2,417 tons (9.90%), generating an FOB value of USD 9.16 million and recording an average price of USD 3,789 per ton.
Together, these five destinations accounted for approximately 80.36% of the total volume exported and nearly 80.45% of the accumulated FOB value, confirming a commercial structure highly focused on consolidated markets that continue to absorb most of Peru's exportable supply. Furthermore, while average prices among the main destinations remained relatively close, Belgium stood out for having the highest unit valuation within the leading group, whereas Malaysia recorded the lowest average price. On the other hand, niche markets with smaller shares, such as Japan, continued to show a significantly higher valuation, with an average price of USD 9,543 per ton, highlighting opportunities for placing Peruvian cocoa in higher value-added and specialized commercial segments.
Value-added cocoa products gain relevance
In addition to cocoa beans, Peruvian foreign trade maintains an important share in derived products that add value and diversify the sector's exportable offer. During the January–May 2026 period, exports of products linked to cocoa reached a total volume of 19.26 million kg, generating an accumulated FOB value of USD 151.07 million, with an average price of USD 7.84 per kg. These figures reflect the growing importance of processed products within the cocoa value chain, whose export value even exceeds that recorded by cocoa bean exports during the same period.
Cocoa butter was consolidated as the main derived export product, with 7.51 million kg exported and an FOB value of USD 64.02 million, representing approximately 42.4% of the total export value of derivatives. This was followed by cocoa powder, with 4.45 million kg and an FOB value of USD 36.33 million, equivalent to 24.0% of the total value. Together, both products accounted for more than two-thirds of the income generated by exports of cocoa derivatives, confirming their relevance within the national transformation industry.
On the other hand, cocoa cake recorded exports of 2.27 million kg, generating USD 24.90 million FOB and reaching an average price of USD 10.97 per kg, the highest among the products with the largest export volume. Chocolate accumulated 1.64 million kg and USD 14.48 million FOB, while cocoa nibs registered 937 thousand kg for a value of USD 9.83 million, reaching an average price of USD 10.49 per kg, one of the highest within the export basket. Finally, the husk category reached 2.45 million kg, although with a significantly lower valuation, generating USD 1.51 million FOB and an average price of USD 0.62 per kg.
Imports reflect domestic demand patterns
During the same period, imports of products linked to cocoa reached 5.39 million kg, with an accumulated CIF value of USD 44.79 million and an average price of USD 8.31 per kg. The import structure continues to be mainly concentrated in more heavily processed products intended for domestic consumption and certain segments of the food industry.
The main imported product was chocolate, which accounted for 3.61 million kg and a CIF value of USD 29.19 million, representing approximately 65.2% of the total imported value. This was followed by cocoa powder, with 1.20 million kg and USD 8.95 million CIF, equivalent to 20.0% of the total value. Meanwhile, cocoa butter imports reached 284 thousand kg for USD 3.84 million, recording the highest average price among the imported categories at USD 13.52 per kg. Finally, cocoa cake accumulated 306 thousand kg and USD 2.80 million CIF.
By Diana Delgado
Source: Coffee and Cocoa Chamber
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